Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-46.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.76%
baseline attrition
Rally response
-0.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PMPhilip Morris Internatio | $8.28B | 13.1% | +7.9% | 6.5 yr |
| ENBEnbridge Inc. | $4.13B | 6.5% | +29.3% | 4.5 yr |
| CBChubb Limited | $4.05B | 6.4% | +9.3% | 1.8 yr |
| PBRPetróleo Brasileiro S.A | $3.60B | 5.7% | +54.2% | 5.5 yr |
| TAT&T Inc. | $2.36B | 3.7% | +5.9% | 2.0 yr |
| VZVerizon Communications I | $2.29B | 3.6% | +16.5% | 2.8 yr |
| CVXChevron Corporation | $2.12B | 3.4% | +29.2% | 4.8 yr |
| IBNICICI Bank Limited | $2.00B | 3.2% | -17.3% | 5.5 yr |
| AEPAmerican Electric Power | $1.97B | 3.1% | +24.0% | 4.5 yr |
| PGRThe Progressive Corporat | $1.81B | 2.9% | -25.5% | 4.8 yr |
| JNJJohnson & Johnson | $1.79B | 2.8% | +51.5% | 6.3 yr |
| BTIBritish American Tobacco | $1.62B | 2.6% | +47.5% | 3.8 yr |
| KOThe Coca-Cola Company | $1.61B | 2.5% | +9.3% | 6.0 yr |
| CICigna Corporation | $1.60B | 2.5% | -17.2% | 2.5 yr |
| MOAltria Group, Inc. | $1.57B | 2.5% | +15.8% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Tobacco18.2%+3.5pp$11.48B
Oil & Gas Integrated14.3%+3.8pp$8.99B
Insurance - Property & Casualty11.6%+1.4pp$7.29B
Regulated Electric9.8%+2.3pp$6.19B
Oil & Gas Midstream8.2%+1.3pp$5.19B
Telecommunications Services7.4%-1.4pp$4.65B
Banks - Regional5.6%-1.4pp$3.54B
Oil & Gas Exploration & Production4.5%$2.86B
Drug Manufacturers - General3.5%-0.1pp$2.19B
Insurance - Diversified3.2%+0.4pp$2.00B
Country
US62.1%-7.7pp
CA13.0%+7.6pp
BR8.6%+1.1pp
CH7.0%+2.5pp
IN4.5%-1.4pp
GB3.0%+2.0pp
Unknown0.8%+0.7pp
BM0.5%+0.4pp
Top 5: 35.5% · Top 10: 51.7% · Top 25: 81.4%
Top buys this quarter · 15
| CVX Chevron Corporation | +$1.83B |
| OXY Occidental Petroleum Corporati | +$1.16B |
| SU Suncor Energy Inc.new | +$1.14B |
| CNQ Canadian Natural Resources Lim | +$846M |
| PBR Petróleo Brasileiro S.A. - Pe | +$777M |
| DVN Devon Energy Corporation | +$276M |
| BP BP p.l.c.new | +$257M |
| PEP PepsiCo, Inc. | +$164M |
| ASR Grupo Aeroportuario del Surest | +$112M |
| VZ Verizon Communications Inc. | +$91M |
Top sells this quarter · 15
| PM Philip Morris International In | −$825M |
| VALE Vale S.A. | −$773M |
| CL Colgate-Palmolive Companyexit | −$630M |
| TSM Taiwan Semiconductor Manufactu | −$559M |
| CTSH Cognizant Technology Solutionsexit | −$498M |
| CI Cigna Corporation | −$470M |
| HDB HDFC Bank Limited | −$469M |
| CME CME Group Inc. | −$467M |
| PG The Procter & Gamble Company | −$452M |
| INFY Infosys Limitedexit | −$394M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $63.09B | 81 | +13.50% | +17.59% | -4.09% | -3.08B |
| 2025-12-31 | $60.72B | 87 | +7.11% | +17.72% | -10.61% | -4.36B |
| 2025-09-30 | $65.09B | 93 | +7.93% | +17.52% | -9.59% | -5.01B |
| 2025-06-30 | $70.28B | 93 | +14.10% | +14.94% | -0.84% | +4.72B |
| 2025-03-31 | $62.77B | 86 | +17.76% | +8.30% | +9.46% | -6.52B |
| 2024-12-31 | $67.38B | 92 | +36.74% | +24.89% | +11.85% | +3.10B |
| 2024-09-30 | $63.81B | 78 | +52.36% | +36.04% | +16.32% | -5.74B |
| 2024-06-30 | $65.96B | 79 | +48.89% | +24.49% | +24.39% | -1.06B |
| 2024-03-31 | $62.17B | 86 | +51.91% | +29.62% | +22.29% | +5.75B |
| 2023-12-31 | $47.25B | 76 | +24.18% | +26.18% | -2.00% | -1.25B |
| 2023-09-30 | $43.21B | 73 | +21.56% | +21.57% | -0.01% | -1.59B |
| 2023-06-30 | $43.47B | 68 | +11.69% | +19.42% | -7.73% | +1.45B |
| 2023-03-31 | $38.21B | 76 | -4.61% | -7.82% | +3.21% | +2.10B |
| 2022-12-31 | $36.99B | 85 | +9.87% | +7.56% | +2.31% | -1.03B |
| 2022-09-30 | $34.60B | 83 | -5.31% | -4.93% | -0.38% | -3.98B |
| 2022-06-30 | $40.74B | 74 | -6.06% | -16.11% | +10.05% | +0.28B |